Section 13Part 3 — Operating Conditions for Private Funds
Annual audit of private fund
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A private fund shall have its accounts audited annually by an auditor approved by the Authority .
The accounts of a private fund shall be prepared in accordance with the International Financial Reporting Standards or the generally accepted accounting principles of the United Sta tes of America , Japan, Switzerland or a non - high risk jurisdiction.
The annual audit under subsection (1) shall be carried out in accordance with the International Standards on Auditing or the generally accepted auditing standards of the United States of America, Japan, Switzerland or a non - high risk jurisdiction.
A private fund shall, in such manner as the Authority may from time to time direct, send its audited accounts in respect of each financial year of the private fund to the Authority within six months of the end of that financial year or within such extension of that period as the Authority may allow.
A person who contravenes subsection (1) , (2) , (3) or (4) commits an offence and is liable on conviction to a fine of twenty thousand dollars .
The Authority may, in relation to the whole or part of any financial year of a private fund, exempt a private fund from the requirements of this section either absolutely or subject to such conditions as the Authority may deem appropriate.